Sharp warns of swing to net loss in April-June

JuroOsawa

TOKYO (MarketWatch) -- Sharp Corp. (6753.TO) said Friday it expects to swing to a hefty net loss in the April to June period and forecasts a 69% decline in net profit for the full fiscal year, due mainly to one-off losses from the temporary suspension of liquid crystal display panel production during the April-June quarter.

The Japanese electronics maker, which produces both LCD panels and television sets, expects a net loss of Y50 billion for the fiscal first quarter, compared with Y10.69 billion in profit in the same period a year earlier.

The company also said it expects to post a scant operating profit of Y2 billion for the quarter, compared with a profit of Y22.52 billion a year earlier.

For the full fiscal year ending March 2012, the company expects to register a net profit of Y6 billion, down sharply from Y19.40 billion in the last fiscal year. The company forecasts a 23% rise in operating profit to Y97 billion from Y78.90 billion and a 0.9% rise in revenue to Y3.05 trillion from Y3.022 trillion.

The outlook is based on an assumption that the dollar will average Y83 for the fiscal year.

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